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Old 23rd September 2007, 08:03 PM   #1
itbusiness29
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Default Insurance For Home Based IT Consulting

Dear Business Owners,

I've started home based IT conuslting, where I supply software professionals to clients. I have one employee on 1099 and one employee on w2. I m not sure how many employees I can add in next 6 months( could be another 2). My question is: My client/vendor is asking for insurance proof. I would like to know what kind of insurance (I read about workers compensation and liability)do I need to have. Any suggestion would be greatly appreciated.

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Old 24th September 2007, 12:02 AM   #2
Curt415
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Are you supplying labor for a fee or actually doing consulting for developing custom software?

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Old 24th September 2007, 03:48 PM   #3
itbusiness29
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I m providing consultants to do the work for client. Those consultants may be in my w2 or in corp-2-corp.

Thanks
Arjun.

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Old 24th September 2007, 05:47 PM   #4
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Your standard RUN OF THE MILL Business Owners Policy or "BOP" should be good enough. BOPs are package policies that provide broad property and liability coverage in a single contract and is designed for small and medium sized mercantile, office or apartment risks. So your "home biz" would fit perfectly. BOPs start at 1 million / 2 million, but can be raised if need be.

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Old 26th September 2007, 04:25 PM   #5
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Does this include "errors and ommissions" which IT folks often face in the software development/implementation biz

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Old 3rd October 2007, 12:07 PM   #6
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Quote:
Originally Posted by caseyturton View Post
Does this include "errors and ommissions" which IT folks often face in the software development/implementation biz
BOP's don't include they type of coverage that one would get from an E&O policy. BOP's only cover Building, Biz Pers Property and Liability. The liability portion of a BOP doesn't cover the consulting scope of your duties. It will cover the "General" liability side of things.

In most cases "consultants" make themselves out to be "experts" within a given area. If you client feels that your work failed to meet their expectations - you may face a liability claim or lawsuit. E&O is there to protect the consultant from major financial loss that can result from a lawsuit.

It's a good idea to have some E&O. IT consultants would be in the *neighborhood of $1800/year for this type of coverage.

*neighborhoods change, and this number will vary within the field. you should get a quote and see where it puts you.

~quotes don't cost a thing - except time~

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Old 21st June 2012, 11:44 AM   #7
chizcurlz
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You should look for a Home-based Business Insurance with General Liability Insurance. We all know that this type of insurance is emerging in this industry that's why many providers created insurance packages that will businesses in many ways. If your business get shut down because of damage to your house or the place where you run your business, your in-home policy will cover lost income and ongoing expenses such as payroll for up to one year. This policy will also provide limited coverage for loss of valuable documents, accounts receivable, off-site business property and use of equipment.

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Old 21st December 2015, 12:47 AM   #8
LaneKreps
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There are so many types of business insurance types. I would like to recommend you following insurances for your home based IT consulting business.

1. Business liability coverage:
It covers replacement costs for office equipments, if they are damaged by any accident.

2. Professional liability coverage:
It covers protection from loss of client data, negligence or non-performance claims.

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